New Home Sales Rise for May 2017

The latest Department of Housing and Urban Development (HUD) and the U.S. Census Bureau report for the sales of new single-family houses in May 2017 shows that sales are 2.9% (±13.0%) above the revised April rate of 593,000.

The report indicated that we were at a seasonally adjusted annual rate of 610,000 and is 8.9% (±21.9%)* above the May 2016 estimate of 560,000.

The median sales price of new houses sold in May 2017 was $345,800 with an average sales price of $406,400.

There were approximately 268,000 new homes available for sale at the end of May, which represents a supply of 5.3 months at the current sales rate.